Key Facts about Ecommerce in Singapore in 2024

Key Facts about Ecommerce in Singapore in 2024

Thinking of starting or growing your ecommerce business, particularly Shopify, this year? There’s never been a better time. With rising demand for online shopping, improved delivery services, and a range of government grants, 2024 is all about seizing the right opportunities. 

Whether you're a small business owner, web developer, or looking to take your Shopify store to the next level, we have everything you need to stay ahead in Singapore's thriving ecommerce space. 

Booming Ecommerce Market in 2024

Online shopping is growing faster than ever in Singapore. Experts predict ecommerce revenue will cross USD 10 billion this year. What’s fueling this growth? Singaporeans now prefer the convenience of online shopping. 

From groceries to electronics, everything is just a few clicks away. The demand is also being driven by competitive pricing and faster delivery services. If you’re still thinking about starting a Shopify store, now is the time to get your slice of the pie!

Booming Ecommerce Market in 2024

The Heroes Behind Great Ecommerce Sites

When it comes to creating a professional Shopify store, having a skilled web developer in Singapore makes all the difference. A well-designed website can make or break your online business. 

Mobile-friendliness is important since over 70% of online shoppers use their smartphones to browse and shop. A web developer can also ensure your Shopify store is optimized for fast loading, easy navigation, and secure transactions. Remember, your website is often the first impression your customer gets—make it count!

Fast and Reliable Delivery Services in Singapore

Customers today expect fast deliveries, sometimes even within the same day. Thanks to services like Qxpress and Lalamove, Shopify stores can meet this expectation. Whether you need on-demand courier services or next-day delivery, these companies have you covered. Offering reliable delivery options gives you an edge, builds customer trust, and keeps them coming back for more. After all, who doesn’t love fast delivery?

Why Does Singapore Love Shopify?

Ever wondered why so many stores in Singapore run on Shopify? It’s because Shopify makes it easy to build, manage, and grow an online store without needing technical expertise. 

Shopify offers integrations with local payment gateways, supports multiple currencies, and connects seamlessly with popular delivery services. No wonder it's a hit among merchants here! With Shopify apps, merchants can improve their store functionality—whether through automated discounts, SEO tools, or customized checkout pages.

PSG Grant: The Secret Weapon 

The Productivity Solutions Grant (PSG) is here to help small businesses in Singapore digitize and grow. If you're thinking about adopting digital tools like Shopify, you could get up to 50% funding with the PSG grant. Here's how it works:

Q1. Who’s Eligible?

Singapore-based small and medium enterprises (SMEs).

Q2. What Does It Cover?

Ecommerce software, digital marketing tools, and solutions like Shopify and Qashier.

Q3. How to Apply?

Head over to the PSG Vendor List and find a solution that fits your needs.

Shopify PSG grant makes it much easier to invest in your online business, especially if you're just starting out.

Shopify + PSG Grant 

Here’s the exciting part! Shopify is one of the solutions covered by the PSG Grant. You can apply for the PSG grant for Shopify and get most of your setup costs funded. This is perfect if you want to build your store without worrying about a huge upfront investment. With the grant, you can also access marketing tools, website design services, and support for scaling your operations.

Shopify + PSG Grant

Qashier PSG Grant

If you’re running both an online store and a physical retail outlet, Qashier might be the perfect solution for you. Qashier provides POS systems that integrate online and offline transactions seamlessly. With the PSG Grant covering a big chunk of the cost, you can run both channels smoothly while keeping all your data synced. It’s the ultimate solution for modern retail.

How to Apply for the PSG Grant?

Applying for the PSG Grant isn’t complicated. Here’s a step-by-step process:

  1. Check the List of Approved Vendors on the PSG website.
  2. Get a Quotation from a vendor for the solution you want to use.
  3. Apply on the Business Grant Portal with the required documents.
  4. Deploy the Solution and submit your claim for reimbursement.

The government makes it easy to adopt digital solutions, so don’t miss out on this fantastic opportunity to upgrade your business.

SEO and Digital Marketing Tools 

Do you want your business to rank high on Google? Good news! The PSG Grant also supports SEO services to improve your search engine visibility. SEO is essential if you want to attract organic traffic and convert it into sales. Social media marketing tools are also covered, making it easier for businesses to engage with customers on platforms like Facebook and Instagram.

Social Media Marketing Grants 

Did you know that social media platforms drive a huge amount of ecommerce traffic? With grants available for social media marketing, businesses can work with agencies to create professional campaigns. Whether it’s running Instagram ads or creating TikTok videos, these grants allow you to explore creative ways to engage with your audience and drive conversions.

Ecommerce Trends to Watch in 2024

Stay ahead of the curve by keeping an eye on these exciting ecommerce trends:

  1. Mobile Commerce (M-Commerce)

Optimizing for mobile is now non-negotiable. Most shoppers browse and buy on their smartphones.

  1. Subscription Models

Offering subscription-based products ensures a steady stream of income.

  1. Live Commerce

Streaming live shopping events are catching on fast in Singapore.

  1. Sustainability

Customers are increasingly choosing brands that offer eco-friendly products and sustainable delivery options.

Subscription Models

Want to Become a PSG Approved Vendor? 

If you’re a service provider interested in becoming a PSG-approved vendor, you’ll need to meet certain criteria. You can apply to be an approved vendor through the Business Grant Portal. Being listed as a PSG vendor not only boosts your credibility but also connects you with businesses actively looking for your services.

How SEO Services Help Your Business Grow?

SEO (Search Engine Optimization) is one of the most powerful tools to increase visibility and attract customers. Businesses that invest in SEO rank higher on Google, get more website traffic, and see better conversion rates. With the PSG grant, you can cover most of your SEO expenses and grow your business without breaking the bank.

Digital Marketing Grants

The Singapore marketing grant is designed to help businesses launch digital marketing campaigns. These grants can be used for hiring marketing professionals or agencies to run targeted ads, create content, and manage social media campaigns. With these tools, you can boost brand awareness and drive sales effectively.

The Future of Ecommerce in Singapore is Bright

With continuous government support, innovative solutions, and changing consumer habits, the future of ecommerce in Singapore looks promising. By adopting the right strategies, using available grants, and keeping up with trends, businesses can position themselves for long-term success. Whether you’re planning to start a Shopify store, hire a web developer, or optimize your digital marketing, now is the time to take action!

Conclusion

There you have it, Singapore! The ecommerce landscape in 2024 is full of opportunities for those who are prepared. With the right tools, grants, and strategies, you can build a thriving business that caters to today’s online shoppers. So what are you waiting for? Apply for PSG grant, build your dream store on Shopify, and get ready to make 2024 your year!
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